Lok Sabha passes Money Laundering (Amendment) Bill 2011

Lok Sabha on Thursday passed the Prevention of Money Laundering (amendment) Bill 2011, clearly indicating that the lower house was back in business after four days of logjam on the FDI issue.

The Bill was passed through voice vote. Once enacted, the Bill will expand the definition of money laundering to include cheating, concealment, acquisition, possession and use of proceeds of crime. Replying to the discussion on the Bill, Chidambaram said that the amendments sought to enlarge the definition of predicate offences of money laundering and include activities which are defined as crime under various other laws.

The passage of the Bill will send a signal to the international community about India’s commitment to deal with the offences having wide international ramifications, he noted.